Credit
The ability to obtain money, goods, or services now under an agreement to pay later.
Credit is a tool and a trap in the same product. Used with the cash already saved, it builds a file at no cost; used on minimum payments, it prices convenience at a heavy rate.
Often Confused With
- Debt
- Credit is the capacity to borrow; debt is the balance you actually owe.
Taught In
See Also
3.2.A.1 · 3.2.C.3